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CARES Act Administrative Q&As

As part of a series of recent webcasts, we have received a large number of questions from our members regarding key operational and administrative aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act signed into law by President Trump on March 27, 2020.

As we continue to work with regulators to achieve clarity and receive guidance on this legislation, we wanted to respond to your questions, and provide you with our most current understanding. As always, we appreciate your insight and continued support of the American Retirement Association, and its member associations—ASPPA, ASEA, NTSA, NAPA and PSCA—as we continue to work for America’s retirement.

We have organized the questions and answers into several broad categories (these FAQs were updated as of July 1, 2020):

General & Miscellaneous Questions

COVID-19 Distributions

COVID-19 Loans

RMD Waivers

Safe Harbor, QACA & SIMPLE Plans

Government Plans

Defined Benefit & Cash Balance Plans

Also, don’t forget about our comprehensive Coronavirus Resource Page, which includes links to ARA communications to Congress and the federal agencies; NAPA’s news coverage; the CARES Act; regulatory guidance; and other online resources for plan advisors and plan sponsors.

We hope that you find this information to be valuable, and appreciate your continued involvement and engagement as we work to provide additional support and relief for plan sponsors and impacted participants at this critical time.